Wrap Text
ELR / EPS - Eastern Platinum - Eastern Platinum Limited reports
quarterly results
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR & ISIN: CA 2768551038
Share Code AIM: ELR & ISIN: CA 2768551038
Share Code JSE: EPS & ISIN: CA 2768551038
EASTERN PLATINUM LIMITED REPORTS QUARTERLY RESULTS
LONDON, ENGLAND--(Marketwire - Nov. 14, 2007) - Eastern Platinum Limited (the
`Company` or `Eastplats`) (TSX:ELR)(AIM:ELR)(JSE:EPS) announces the financial
results for the quarter ended September 30, 2007 and an overview of
operations during the quarter ended September 30, 2007 (all amounts reported
in $USD).
Overview
Eastplats is a growing platinum group metal (`PGM`) producer engaged in the
acquisition, development and mining of PGM properties located in South
Africa. All of the Company`s properties are situated on the western and
eastern limbs of the Bushveld Complex, the geological environment that
supports over 70% of the world`s PGM supply.
The Company`s Nominated Adviser (`NOMAD`) in London is Canaccord Adams
Limited and the Company`s Sponsor in Johannesburg is PSG Capital Limited.
Eastplats recorded revenue of $31.6 million for quarter ended September 30,
2007.
Highlights for the quarter include:
- Production and sales of 29,417 ounces of PGM, up from 22,666 ounces for
the comparative period in the previous year, an increase of 30%;
- Operating cash costs of $637/ounce, a decrease from the comparative
period in the previous year of $645/ounce.
- Substantial progress made in the ongoing underground development of the
Crocodile River Mine (`CRM`). Working cost development in the quarter
increased by 52% to 2,952 metres (previous year same comparative period
1,536 metres). Underground development increased by 107% to 4,868 metres
during the quarter (previous year same comparative period 2,351 meters);
this is integral to generating additional mineable reserves to support
the continued production build-up at CRM.
- The average monthly mining rate during the quarter increased to 107,900
tonnes per month up from 64,800 tonnes per month the comparative period
in the previous year; an increase of 67%;
- Revenues of $31.6 million, up over $22.7 million for the comparative
period in the previous year, an increase of 39%;
- At September 30, 2007 the Company had a cash position (including
temporary investments) of $203.6 million invested in highly liquid,
fully guaranteed, bank sponsored instruments. This cash balance compares
to $82.4 million at September 30, 2006. The Company is not exposed to
financial instruments involving the US residential property markets or
mortgages.
Ian Rozier, the Company`s President and CEO, commented:
`Substantial progress continues to made at CRM and we are beginning to see
the results of the extensive on and off reef development during the last year
which is integral in developing mineable reserves to support the ongoing
production build up.`
Financial Highlights
Please refer to the attached audited consolidated financial statements and
accompanying Management`s Discussion and Analysis for the quarter ended
September 30, 2007. The comparative 2006 financial statements are available
on SEDAR at www.sedar.com and on the Company`s website
www.eastplats.com.
About the Company
The Company`s strategy is to provide its stakeholders with superior returns
from assets being developed and mined within the PGM mining sector. The
Company has not hedged or sold forward any of its future PGM production. The
Company continues its process of optimizing orebody development through
traditional cost effective mining methods that place a premium on a safe work
environment.
The Company`s assets comprise of a direct and indirect 85% interest in
Barplats whose main assets are the PGM producing CRM located on the western
limb of the Bushveld Complex and the Kennedy`s Vale Project located on the
eastern limb. The Company also has an indirect and direct 75.5% interest in
Mareesburg Platinum JV and an indirect and direct 93% interest in Spitzkop
PGM Project both located on the eastern limb of the Bushveld Complex.
The Company`s shares are listed in Toronto on the TSX and on AIM (Alternative
Investment Market)of the London Stock Exchange and trade under the symbol
ELR. The Company shares are also listed on the Johannesburg Stock Exchange
and trade under the symbol EPS.
Total shares issued and outstanding 668,378,194
To view attached Q1 financials please click on the following link:
www.ccnmatthews.com/docs/elr1114a.pdf
To view attached Q1 MD&A please click on the following link:
www.ccnmatthews.com/docs/elr1114b.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Ian Rozier
President & C.E.O.
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
OR
NOMAD - Canaccord Adams Limited
+44 20 7050 6500
Email: Robin.Birchall@canaccordadams.com or
Email: Clayton.Bush@canaccordadams.com
OR
JSE SPONSOR - PSG Capital (Pty) Limited
+27 21 887 9602
Email: andreg@psgcapital.com or
Email: anjem@psgcapital.com
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Date: 15/11/2007 11:18:52 Supplied by www.sharenet.co.za
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